Posted by : Aahil Shaik Tuesday, May 5, 2020
Linking the Saudi Riyal exchange rate to US Dollar a strategic Choice - SAMA
The Saudi Arabian Monetary Authority (SAMA) affirmed its commitment to the policy of linking the Saudi riyal exchange rate with the US dollar as a strategic option that contributed to the growth of the economy of the Kingdom of Saudi Arabia for more than 30 years. Trending : Ministry allows private companies suffering form pandemic to cut salaries of workers by 40%
The SAMA also confirmed its commitment to maintain the stability of the riyal exchange rate at the official price of 3.75 riyals against the dollar, as it is an important pillar of monetary and financial stability in light of the strong foreign exchange reserves and its ability to meet all external obligations of the Kingdom. Recommend : We will take strict and painful measures to fight economic downfall - Saudi Finance Minister
The SAMA indicated the durability of its foreign exchange reserves and its ability to meet all the requirements of the national economy in foreign currencies, covering approximately 43 months of imports and 88% of the extended monetary block (N3), and accordingly the SAMA affirms that the current exchange rate policy is a major supporter of monetary stability and growth Sustainable economic.
- SAMA said last week that Saudi foreign assets fell in March to 464 billion dollars, the lowest in 19 years, as the Kingdom moves to fight the economic fallout of the Corona pandemic. See Also : Food Support to needy and affected citizens and Expats by Pandemic
- Saudi Arabia's Foreign Minister Al Jadaan said the Kingdom is committed to protecting itself from the economic downfall due to Coronavirus through any required financial measures despite downfall of oil revenues.